Tubi : Half Yearly Report and Accounts

For personal use only

Appendix 4D

Half yearly report

Name of Entity		Tubi Limited
ABN		25 139 142 493
Reporting Period, half year ended		31 December 2021
Previous Corresponding Reporting Period, half year		31 December 2020
ended

1. Results for Announcement to the Market

					% change over
		$ change			corresponding
					period
Revenue from ordinary activities		7,387,508			down 95%
Profit from ordinary activities after tax attributable to		3,512,917			up 79%
members
Net profit for the period attributable to members		3,512,917			up 79%
Dividends - refer to Item 2 below
Record date - refer to Item 2 below

2. Dividends

There were no dividends paid, recommended or declared for the half year ended 31 December 2021.

3. Net Tangible Assets per Security

	31 December	31 December
	2021	2020
	$	$
Net tangible assets per ordinary security	0.04	0.06

For personal use only

Other information

4. Control gained or lost over entities during period

Not Applicable.

5. Associates and joint venture entities

During and since the half year ended 31 December 2021 the Group has not had any interests in associate or joint venture entities.

6. Information supporting the disclosure requirements of the Appendix 4D and commentary on results

Additional information supporting the Appendix 4D disclosure requirements can be found in the attached Interim Financial Report for the half year ended 31 December 2021.

7. Status of review

The Interim Financial Report for half year ended 31 December 2021 has been reviewed by PKF.

For personal use only

Tubi Limited

Interim Financial Report

For the Half Year Ended 31 December 2021

Tubi Limited

ACN: 139 142 493

Contents

For the Half Year Ended 31 December 2021

Financial Statements

Directors' Report

	Auditor's Independence Declaration
	Consolidated Statement of Profit or Loss and Other Comprehensive Income
onlyConsolidated Statement of Financial Position
For personal use	Consolidated Statement of Changes in Equity
Consolidated Statement of Cash Flows
Notes to the Financial Statements
Directors' Declaration
Independent Auditor's Review Report

Page

1

3

4

5

6

7

8

17

18

Tubi Limited

ACN: 139 142 493

Directors' Report

For personal use only

31 December 2021

The directors present their financial report, together with the financial statements of the Group, being Tubi Limited (the Company) and its controlled entities (the Group) for the half year ended 31 December 2021.

Directors

The Directors of the Company during the half year ended 31 December 2021, and up to the date of this report are set out below. All Directors held their position as a Director throughout the half year and up to the date of this report unless otherwise stated.

Mr. John Mouawad	Chairman & Non-Executive Director
Mr. Marcello Russo	Executive Director & Chief Executive Officer
Mr. Ryan Shaw	Independent Non-Executive Director
Mr. John Zeckendorf	Independent Non-Executive Director

Company Secretary

Elissa Hansen is the Company Secretary.

Principal Activities

The principal activities of the Group during the half year were the development, operation, leasing and sale of mobile manufacturing plants for the production of high-GHQVLWSROHWKOHQH³HDPE´SLSHs for use in the oil and gas, irrigation, mining and infrastructure sectors.

During the half year, the Group continued to operate in Australia, New Zealand and the United States.

Operating results and review of operations for the half year

The consolidated loss of the Group for the half year amounted to $938,184 (31 December 2020: loss of $4,451,101). Revenue decreased by $7,740,538 to $353,030 for the half year, compared with the prior period.

The following factors contributed to the operating results for the half year ended 31 December 2021:

• Florida operations had been operating at a reduced capacity, which is where Plant 5002, Reeling, Stringing and other associated assets are located;
• Plants 5000 & 5004 which are located in Odessa, Texas were not in operation during the half year.

Significant changes in state of affairs

In August 2021, the following events took place as announced on ASX:

• WKH*URXS¶VVXEVLGLDU7XEL86$,QFentered into a MRO Supply Agreement with Mosaic Fertilizer, LLC (Mosaic) for the supply of HDPE and MDPE Pipe for an initial term of 3 years. This Supply Agreement KDVVXEVHTXHQWOEHHQWHUPLQDWHGDVSDUWRIWKH*URXSV¶VDOHRIDVVHWVWR0RVDLF, as explained in the Events Occurring After the Reporting Date below;
• the Group also entered into a Facility Agreement with Oxleigh Pty Ltd to borrow funds of up to $2.5 million for general working capital purposes. The facility term was to 30 June 2022 at an interest rate of 10% per annum, a commitment fee of 3% per annum on the available facility, and a financial covenant requiring net tangible assets to be no less than $5 million; and
• the Group engaged advisors and consulted a number of parties in the pursuit to assist with the potential divestment of certain assets.

There have been no other significant changes in the state of affairs of entities in the Group during the half year.

1